Indian Crypto Exchange CoinDCX Selects BitGo As Custodian

Mumbai-based crypto exchange CoinDCX has selected crypto and blockchain firm BitGo as its custodian.

Founded in 2018, CoinDCX allows individuals to buy and sell cryptocurrency through a marketplace model. The aggregator aggregates global liquidity and trading services onto a single platform. The company claims to have a liquidity aggregation model integrated with top global exchanges including Binance, Huobi, and OKEx.

BitGo offers institutional crypto financial services and provides clients with security, compliance, custodial, and liquidity solutions. In 2018, the firm launched BitGo Trust Company, a qualified custodian purpose-built for storing digital assets. At present, BitGo supports over 250 coins and tokens and processes over 20% of all global on-chain bitcoin transactions.

As the custodian of CoinDCX, BitGo will provide the secure storage and custodianship of cryptocurrencies held on CoinDCX. A fraction of the funds traded on the CoinDCX exchange will be protected by BitGo’s $100 million insurance policy, including users’ cryptocurrencies held on DCXLend, CoinDCX’s lending service.

“The purpose of the #TryCrypto initiative is to promote widespread crypto adoption, which includes ensuring users that their funds are in safe hands,” said Sumit Gupta, CEO and Co-founder of CoinDCX. “CoinDCX has always maintained that crypto adoption should be safe, secure, and simple for everyone. CoinDCX has taken yet another stride in consolidating our position as a trusted and secure brand. With the custodial services of BitGo, we want to make cryptocurrency utilization in India, safe and secure.”

“With the recent uptick in trading volumes on Indian exchanges, the need of the hour is for professionalization in the form of fund security in the crypto market,” said Pete Najarian, Chief Revenue Officer of BitGo. “As the custodian of CoinDCX, BitGo will provide their users with added value and assurance when investing in cryptocurrencies.”